This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Oklahoma Receipt and Acceptance of Residential Mortgage Loan Commitment
State:
Multi-State
Control #:
US-01512BG
Format:
Word;
Rich Text
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How to fill out Receipt And Acceptance Of Residential Mortgage Loan Commitment?
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FAQ
Trust funds are money or other things of value that are received by a broker or salesperson on behalf of a principal or any other person, and which are held for the benefit of others in the performance of any acts for which a real estate license is required.
The Addendum shall have a heading which provides the Addendum number, date of issue, project title, location, and project number. The bid closing time and date shall always be included in the Addendum. A standard paragraph will then follow which stipulates the purpose of the Addendum.
Trust Account Interest If an Oklahoma broker wishes to use an account that allows interest to accrue for their trust account, the broker must disclose that intent in writing to all parties to the transaction. This written notice must also disclose which party shall be the beneficiary of the accrued interest.
With prior written notice to all parties who have an interest in the trust funds, a principal real estate broker may place trust funds received by the principal real estate broker in a real estate sales, purchase or exchange transaction in a federally insured interest-bearing bank account that is designated a clients' ...
When read in combination, Business and Professions Code Section 10145(a)(1) and Commissioner's Regulation 2832(a) require a real estate broker who accepts funds belonging to others to deposit those funds into one of three places, within three business days following receipt of the funds by the broker or by the broker's ...
Earnest money is not required. However, most sellers will insist on at least a minimal amount of earnest money for their protection. For established residential properties (not a vacant lot, and not a new home build), a de minimis amount of $500 or $1,000 is often used for parties that are familiar with each other.
If parties are not personal acquaintances, which is the vast majority of transactions, the general practice is to use anywhere from 1 ? 3% of the total purchase price; 1% is an extremely common earnest money amount in Oklahoma residential transactions.
But if a home seller leaves behind any items big or small, they become the property of the new homeowner after closing, says Gelios. So if there's a wheelbarrow in the backyard or a painting in the dining room, it's officially the new buyer's property.